CMS Energy (CMS) financials
CMS Energy revenue and earnings by year
CMS Energy's revenue was $8.54 billion in the fiscal year to December 31, 2025, up 13.6% from the year before. Net income was $1.07 billion, 12.5% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 3.3% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8.54 | 7.52 | 7.46 | 8.60 | 7.33 | 6.42 | 6.62 | 6.87 | 6.58 | 6.40 |
| Revenue growth | 13.6% | 0.7% | -13.2% | 17.3% | 14.2% | -3.1% | -3.6% | 4.4% | 2.9% | — |
| Gross profit | 3.55 | 3.21 | 2.86 | 2.76 | 2.65 | 2.63 | 2.44 | 2.40 | 2.50 | 2.35 |
| Gross margin | 41.5% | 42.7% | 38.4% | 32.1% | 36.1% | 41.0% | 36.8% | 34.9% | 38.0% | 36.7% |
| Operating income | 2.24 | 1.97 | 1.68 | 1.64 | 1.54 | 1.59 | 1.45 | 1.47 | 1.62 | 1.54 |
| Operating margin | 26.2% | 26.2% | 22.5% | 19.0% | 20.9% | 24.7% | 21.8% | 21.3% | 24.6% | 24.0% |
| Net income | 1.07 | 1.00 | 0.89 | 0.84 | 1.35 | 0.76 | 0.68 | 0.66 | 0.46 | 0.55 |
| Net margin | 12.5% | 13.3% | 11.9% | 9.7% | 18.5% | 11.8% | 10.3% | 9.6% | 7.0% | 8.6% |
| Diluted EPS | $3.53 | $3.33 | $3.01 | $2.85 | $4.66 | $2.64 | $2.39 | $2.32 | $1.64 | $1.99 |
| Free cash flow | -1.59 | -0.65 | -0.91 | -1.52 | -0.26 | -0.98 | -0.21 | -0.37 | 0.04 | -0.04 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open CMS in Markets.
See also: CMS valuation and P/E history · CMS returns
No forecast, no recommendation. This page describes CMS Energy from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.